U.S. House approves Chinese drywall relief

The U.S. House passed recently an amendment to provide assistance to homeowners whose primary residences are impacted by Chinese drywall.

The Small Business Financing and Investment Act of 2009, introduced by Reps. Vern Buchanan and Glenn Nye, authorizes the Small Business Administration to loan money to homeowners for the repair or replacement of toxic drywall.

“The impact of Chinese drywall on homeowners is no different than a hurricane or any other natural disaster,” said Buchanan, the East County’s representative. “These people need assistance to clean up their homes.”

The amendment authorizes the Small Business Administration to provide low interest disaster loans to repair or replace real estate and personal property damaged or destroyed in a declared emergency.